Open Banking is part of the Consumer Data Right regime which the Federal Government has introduced to allow all customers, both individuals and businesses to access and securely share designated customer, account and transaction data information held by their banking institutions (ADI) with other (ADR).
Open Banking will give you greater control and access to information kept about you at Australian Unity Bank. This means that you will soon be able to direct Australian Unity to share your banking information (known as “consumer data”) with authorised recipients (including banks) known as “accredited third party data recipients” securely online.
If you’re reviewing your existing banking arrangement or looking to switch some or all of your banking to another bank, Open Banking is intended to make this easier. Rather than having to collate banking histories, statements, complete detailed transaction information you will be able to authorise your existing bank to share your information with another bank who you have specifically approached and authorised to offer you banking services.
Open Banking is being rolled out progressively across the banking industry. The “Big 4” Banks were first to be required to comply with the roll out of Open Banking to provide not only generic information about their products but since 1 July 2020 to also provide specific information about a particular customer’s information (“data”).
For non-major banks such as Australian Unity Bank, initially from 1 October 2020 you will only be able to find out generic information about certain products available from each bank. This will allow you to compare the products and services available across the banking industry in a simple and standardised way. Information specifically about your accounts and banking arrangement will not be available until a later stage.
Over the next 12 months or so, non-major banks such as Australian Unity Bank will be progressively required to provide specific information about its customers upon request by you, the customer. Banks such as Australian Unity Bank will also be able to obtain accreditation to enable it to receive information about a customer’s banking relationship from another bank at the request of a consumer interested in becoming an Australian Unity Bank customer.
Beyond having greater control of your banking data, Open Banking may change the way in which you compare and select services between organisations to better suit your situation.
You can access Australian Unity’s product data via the links below using the necessary parameters:
If you’d like to discuss your current banking arrangement with Australian Unity, please contact us on 1300 790 740, Monday-Friday 8.30am-5.30pm AEST.
Monday to Friday - 8.30am to 5.30pm AEST
Have us call you within 1 business day
All loans and deposit products are issued by Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994
©Products and Services are issued by Australian Unity Limited ABN 23 087 648 888 and its subsidiaries Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994. Information provided is general information only and current at the time of publication and does not take into account your objectives, financial situation or needs. In deciding whether to acquire, hold or dispose of the products or service you should obtain a copy of the relevant Product Disclosure Statement (PDS) and Financial Services Guides and consider whether the products are appropriate for you. Copies are available at www.australianunity.com.au or by calling 13 29 39. Investment decisions should not be made upon the basis of past performance as this is not a reliable indication of future performance.
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